LITTLETON, CO -- Infinite Power Solutions, Inc. (IPS) announced that it has successfully completed a $10M Series D financing. The funds will be used to expand IPS' manufacturing capacity in response to growing customer demand, to complete the build out of its global sales channels and to further support advanced research and development of its eco-friendly THINERGY solid-state rechargeable Micro-Energy Cell (MEC) products.
Existing financial investors Generation Investment Management, D. E. Shaw Ventures, Polaris Venture Partners and Core Capital Partners co-led the financing, which also included participation by Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc., In-Q-Tel and two additional strategic investors.
"We are excited about IPS' progress and the future prospects for the business, and are extremely pleased with the continued support of our financial and corporate investors. They have shown confidence in our game-changing, solid-state, rechargeable micro-battery technology and its capability to fuel low energy applications in both new and existing markets for wireless sensor nodes, Bluetooth low energy accessories and powered cards," commented Jim Norrod, IPS' President and CEO. "This financing provides us with the capital to continue progress on all fronts at the company."
"THINERGY MECs are the battery of choice for powering many of today's wireless devices because they enable thinner form factors, are permanently installed, provide high power, unsurpassed cycle life, and longer service life than conventional batteries," said Colin le Duc, a partner at Generation Investment Management, LLC. "For example, MECs are proving to be the ideal energy storage solution for many applications incorporating Bluetooth low energy technology. These Bluetooth smart devices employ an extremely low-power wireless radio protocol for which THINERGY MECs are particularly well suited."
About Infinite Power Solutions
Infinite Power Solutions, Inc. (IPS)—a U.S. clean-technology company—is a global leader in manufacturing solid-state, rechargeable, thin-film micro-energy storage devices for embedded applications. Founded in 2001, IPS is privately held with corporate headquarters and volume manufacturing in Littleton, CO. The company is the only ISO 9001 certified manufacturer of solid-state, thin-film batteries, and its products displace conventional coin cells, supercapacitors, and other micro-battery solutions. THINERGY Micro-Energy Cell (MEC) products are paper-thin and provide unprecedented power and efficiency in micro-energy storage, uniquely enabling ambient energy-harvesting solutions to create miniature, autonomous, perpetual power supply solutions. MECs serve battery powered consumer applications such as Bluetooth Smart devices and other wireless sensor nodes, and also provide backup power for real-time clocks, memory modules, and solid-state drives.
About Applied Ventures
Applied Ventures, LLC, a subsidiary of Applied Materials, Inc., invests in early stage technology companies with high growth potential that provide a window on technologies that advance or complement Applied Materials' core expertise. Applied Ventures' investments help develop technologies and markets that provide natural extensions of Applied Materials' businesses and can stimulate the growth of applications for its products and services. Applied Materials, Inc. is the global leader in Nanomanufacturing Technology solutions with a broad portfolio of innovative equipment, service and software products for the fabrication of semiconductor chips, flat panel displays, solar photovoltaic cells, flexible electronics and energy efficient glass.
About Core Capital
Core Capital is a venture capital firm headquartered in Washington, DC. The firm currently manages $350 million and provides capital to high-growth technology companies. Core Capital focuses on the kinds of disruptive, "core" technologies that enable or enhance data and communication, financing emerging opportunities in wireless, security, video, internet media, and software. To date, the firm has backed over 40 companies, with successful investments in a wide range of information technologies and business services.
About D. E. Shaw Ventures
D. E. Shaw Ventures is the venture capital unit of the D. E. Shaw group. The D. E. Shaw group is a global investment and technology development firm with more than 1,100 employees; approximately $26 billion in investment capital as of March 1, 2012; and offices in North America, Europe and Asia. Since its founding in 1988, the firm has earned an international reputation for financial innovation, technological leadership, and an extraordinarily distinguished staff.
About Generation Investment Management
Generation Investment Management LLP is dedicated to long term investing, integrated sustainability research, and client alignment. It is an independent, private, owner managed partnership established in 2004 with offices in London and New York. Generation seeks superior performance by taking a long-term investment view and integrating sustainability research within a rigorous fundamental analysis framework. The sustainability research plays an important role in forming its views on the quality of the business, the quality of management and valuation. Its performance fees align its interests with that of its clients by being based on long term performance. Generation Investment Management LLP is authorized and regulated in the United Kingdom by the Financial Services Authority.
In-Q-Tel is the not-for-profit, strategic investment firm that works to identify, adapt, and deliver innovative technology solutions to support the missions of the U.S. Intelligence Community. Launched in 1999 as a private, independent organization, IQT's mission is to identify and partner with companies developing cutting-edge technologies that serve the national security interests of the United States. Working from an evolving strategic blueprint defining the Intelligence Community's critical technology needs, IQT engages with entrepreneurs, startups, researchers, and investors to deliver technologies that provide superior capabilities for the CIA and broader Intelligence Community.
About Polaris Venture Partners
A national venture capital firm with over $3 billion under management, Polaris Venture Partners invests in seed, early stage and growth equity businesses in the technology, life science, digital media, enertech and consumer products and services sectors.